The property market has continued to experience positive stagnation in recent years, both in terms of demand and price growth. Real Estate Indonesia (REI) predicted that there will be a growth of 7-9% during 2020. However, with the current global pandemic, the future of the property business raises many questions ahead.
It is beyond doubts that the property market is under a lot of pressure during the pandemic. Therefore, the right strategy is crucial to prepare the future of the property business after the pandemic ends. To further discuss the future of the property market, CoHive is holding a CoLearn Online webinar, entitled “The Future of Property Business”. This discussion was attended by Lukito Utohardjo as Sales and Marketing Director of Tanrise Property, Theo William CEO of DB Real Estate Indonesia, Dicky Chandra COO of DB Real Estate Indonesia, and Andrea Sudirman Event and Community Lead CoHive.
In facing the pandemic, Lukito emphasized that maintaining public trust is the most important thing for property developers and agents to prioritize. Besides that, collaboration is necessary to maintain brand value and expand brand awareness of a company. These three things are important to do as according to Theo, a pandemic does not only affect the property itself but also consumer behavior. The pandemic has changed people’s priorities which put investing aside, thus the property players need to take another direction to reshape this mindset through the following three concepts:
Also read: Perception: Property Business in Indonesia
When undergoing uncertain times like now, Lukito explained that companies need to place consumers as the main focus—or consumer-centric. Consumer-centric is an approach to doing business that focuses on providing a positive customer experience both at the point of sale and after-sale to drive profit and gain competitive advantage. For this reason, companies must strengthen communication with consumers to provide the best service for customers.
Tanrise Property and DB Real Estate recognize that brand reputation is a price that needs to be maintained properly. For this reason, the company’s commitment to customers needs to be maintained properly through offers and solutions. Companies need to focus on providing the best solutions to customers rather than continuing to offer products only.
Long term investment
Like an airplane, one needs to navigate before investing — both in the short and long term. According to Theo, the property market has a cycle of ups and downs, so the current conditions will likely reverse in the future. As a property agent, Theo sees that the current decline in prices encourages investors to invest. Therefore, agents and developers need to educate consumers that property is a promising form of long-term investment.